Off-Market Trades: PanPages Bhd, Sinmah Capital Bhd, Brite-Tech Bhd, EA Holdings Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on September 24, 2018 - September 30, 2018.
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BETWEEN Sept 12 and 18, PanPages Bhd saw a total of 70 million shares or a 26.37% stake worth RM10.25 million change hands in eight direct deals.

Bloomberg data shows that 47 million shares were transacted at 13 sen apiece, or RM6.11 million, on Sept 18, while the remaining 23 million shares were transacted at 18 sen each, or RM4.14 million, on the same day. This represents a steep discount of between 25% and 46% to the stock’s closing price of 24 sen on the open market that day.

According to a filing with Bursa Malaysia last Wednesday, Yap Hoong Chai ceased to be a substantial shareholder of PanPages after he disposed of 57 million shares — of which 47 million were divested by his family vehicle, Innofarm Sdn Bhd — on Sept 18.

His son, Chor How, who is a director of PanPages, sold three million shares, or a 1.13% stake, at 18 sen apiece on the same day.

It is worth noting that Yap is the executive chairman of poultry firm Lay Hong Bhd. To recap, he first emerged as a substantial shareholder in PanPages after acquiring 70 million shares via Innofarm.

PanPages, a business data and marketing service provider, closed at 23.5 sen last Thursday, giving it a market capitalisation of RM62.4 million. Year to date, its share price has declined 4%.

Over at poultry firm and property developer Sinmah Capital Bhd — formerly known as Farm’s Best Bhd — 36.25 million shares, or a 16.95% stake, were traded off market for RM7.25 million in six direct deals on Sept 12 and a block trade on Sept 13.

A total of 35.76 million shares were transacted at 20 sen each, or RM7.15 million — a 5% premium to its closing price of 19 sen on the open market — on Sept 12. A quick check on Bursa reveals that the block of shares was a direct business transfer from JF Apex Nominees (Tempatan) Sdn Bhd’s pledged securities account for FCH Holdings Sdn Bhd to the pledged securities accounts for members of the Fong family, who include Sinmah managing director Datuk Fong Kok Yong and executive directors Fong Choon Kai, Fong Ngan Teng and Fong Kiah Yeow.

Year to date, Sinmah’s share price has dropped 46%. It closed at 21 sen last Thursday, giving the company a market capitalisation of RM19.9 million.

Brite-Tech Bhd, an integrated water purification and wastewater treatment solution provider, saw a total of 25.21 million shares or a 10% stake traded off market in five direct deals on Sept 14. The shares were transacted at 21 sen apiece, or RM5.29 million.

According to a filing, Chan Ah Kien is no longer a substantial shareholder of Brite-Tech after he offloaded 20.74 million shares or an 8.23% direct stake off market on Sept 14. Chan still owns 4.46 million shares or a 1.77% stake in the company.

Over at EA Holdings Bhd, an ICT business solution provider, a total of 473.38 million shares, or a 9.33% stake, were transacted off market in a direct deal and four block trades between Sept 13 and 18.

The shares changed hands at between 1.5 sen and two sen apiece, or RM9.46 million.

According to a filing, Chong Mui Fun ceased to be a substantial shareholder of EA Holdings after he disposed of 471.61 million shares on Sept 14.

Another filing shows that EA Holdings CEO Mohammad Sobri Saad, who acquired 471.61 million shares off market on Sept 14, has raised his stake in the company to 898.52 million shares or 17.71%.

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